Used in organic synthesis as a key intermediate for the preparation of various heterocyclic compounds. It plays a significant role in the development of pharmaceuticals, particularly in the synthesis of potential drug candidates with antimicrobial, antifungal, and anticancer properties. Additionally, it is utilized in the creation of Schiff bases, which are important in coordination chemistry and material science for designing sensors and catalysts. Its iodine moiety also makes it valuable in radiolabeling applications for imaging and diagnostic purposes.